The Latest Breaking News from Janet Yellen

Treasury Secretary Janet Yellen says unless lawmakers raise the debt ceiling by June 5, the government won't have enough money to pay all of its bills.

It's the most precise warning yet from the Treasury secretary.

For all the concern over when the government might run out of money to cover all its bills, it turns out that no one can be absolutely sure exactly when the country faces a potential default — the dreaded “X-date.”

The term gets thrown around loosely to refer to different concepts, but with very different implications.

Did spending by President Biden and the Democrats rack up the country's debt? Is a default the same as a government shutdown? Here are answers to things people often get wrong about the debt ceiling.

House Republicans are pushing debt ceiling talks to the brink

Washington (AFP) - Ratings agency Fitch put the United States on notice Wednesday that its perfect credit rating could be jeopardized if the White House and Republican opposition fail to overcome their impasse on raising the nation's borrowing limit, a week before a key deadline.

WASHINGTON — House Speaker Kevin McCarthy’s optimism that White House and GOP negotiators would reach a deal in time to avert a potentially catastrophic default didn’t mollify analysts as the U.S. was put on a ratings watch late Wednesday.

WASHINGTON — House Speaker Kevin McCarthy expressed optimism Wednesday that White House and GOP negotiators would reach a deal in time to avert a potentially catastrophic U.S. default.